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| In today's Daily Pitch, you'll find: | | | | | |
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| Rising real assets, declining dry powder and other global fundraising trends | | Private fundraising totaled $639 billion in H1, roughly on pace to reach 2021's figure. LPs were largely undeterred from making commitments, as record distributions soothed fears about the private markets seizing up and the chance to capitalize on dipping valuations kept investors coming back to the table.
But what does the latter half of the year hold? Our Q2 2022 Global Private Markets Fundraising Report (formerly known as the Global Private Fund Strategies Report) follows the flow of capital, tracking the ups and downs of different strategies. The report, sponsored by Altvia, also includes a spotlight on the state of dry powder. Among the takeaways: - PE fundraising grew 46% in Q2 from Q1 to top $137 billion, but the slow exit environment is reducing capital flow back to LPs, potentially hindering future commitments.
- The uncertain exit landscape, coupled with portfolio markdowns, is also putting pressure on VC fund returns, which may slow new fundraising through the rest of the year.
- Real assets surpassed $44 billion in Q2, a slight dip from Q1, but 2022 remains on pace to overtake not only 2021's record, but potentially annual totals going back to 2008.
- Dry powder looks to be on the decline, falling 13% from 2020's high to a total of $3.2 trillion as of June 30, with the trend felt more sharply in private equity.
| | | | | | | | | Venture lending flourishes amid VC funding pullback | |  | | (Watchara Ritjan/Shutterstock) | | | | Once a placid backwater in the startup funding world, venture lending has received more attention in recent quarters as pre-profitable companies resort to debt and other alternatives to stretch their liquidity runways before they gain access to the next equity round. | | | | | | | |
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| Automation improves asset managers' contract management processes | | The 2021 EY Law Survey found 92% of organizations were changing how they handled contracting. Why? Because of inconsistent terms, decentralized storage, and difficulty tracking obligations. These inefficiencies cause unnecessary expenses, slower revenue recognition, and lower employee morale.
At the time of the survey, 99% of organizations didn't have the data or technology to improve their contracting processes. This figure isn't due to a lack of technology options. Given recent legal technology advancements, businesses can access numerous contract automation and management solutions.
Ontra's guide defines contract automation and intelligence, outlines the artificial intelligence behind contract automation platforms, and the benefits of adopting a contract automation solution.
Download the guide now | | | | | | | |
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| Exclusive: UK crowdfunding specialist Seedrs launches venture program | |  | The Seedrs venture program's first cohort.
(Courtesy of Seedrs) | | | London-based Seedrs, an equity crowdfunding platform provider, has set up a new program to democratize access to capital and education in Europe's startup ecosystem.
The venture partner program will allow users to share deal flow, knowledge and content to support members and founders. | | | | | | | | | Investors target recession-resilient healthcare recruiting startups | |  | | (Guschenkova/Shutterstock) | | | A handful of tech-enabled marketplaces are trying to help solve the US nursing shortage by matching healthcare workers with hospitals. It is a sector that continues to attract investor interest despite the market downturn.
The latest example of VCs' appetite for this space is Incredible Health's $80 million Series B at a valuation of $1.65 billion. Other nursing staffing startups, such as Nomad and CareRev, have also raised sizable rounds in recent months.
In fact, the entire HR tech category is seeing ongoing interest from investors, reaching a record quarterly global deal value of $4.3 billion in Q2 2022. | | | | | | | | | Are investors hungry for more alternative proteins? | | The alternative protein industry—referring to food, drinks or ingredients made with non-animal sources of protein—has grown dramatically in the past decade, yet recently it has struggled to maintain momentum and is under pressure in the current inflationary environment. Alt-protein startups raised a total of $895 million in Q2 2022, but quarterly deal value is down 59% from the peak in Q3 2021.
Our Emerging Tech Research analyst note explores the rise of cultivated protein along with opportunities in sectors including alternative fat and seafood in the face of shifting market conditions. The report, which includes key VC deals and company spotlights, is now accompanied by a summary data pack containing charts and tables updated through June 30. | | | | | | | | | | A look at the once-hot SPAC market, which last month reached its lowest levels of activity in five years. [The Wall Street Journal]
For the company behind one of last year's buzziest crypto IPOs, selling electricity is now more profitable than mining bitcoin. [Fortune]
How Bill Gates quietly lobbied to save Biden's climate bill. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 351 Deals | 2380 People | 644 Companies | 13 Funds | | | | | | |
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| 2020 Vintage North American PE Funds | | | | | | |
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| | | DriveNets has raised a $262 million Series C led by D2 Investments. The Israeli company's cloud-native software enables telecom providers to build virtual networks that run on cheaper, shared infrastructure. | | | | | | | General Atlantic leads $150M Series D for HiBob | | | | | | | | | | VidMob has raised a $110 million Series D led by Shamrock Capital. The New York-based company offers a performance-tracking platform for marketers. | | | | | | | | | ThreatX has raised a $30 million Series B led by Harbert Growth Partners. Based in Boston, the company is the developer of an API protection platform designed to detect and manage attacks in real time. | | | | | |
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PitchBook, NVCA and Beyond the Billion join forces for a deep dive into the state of women funders and founders at next year's SXSW.
Vote for their session "Investing in Inclusion: Women Funders and Founders" in SXSW Panel Picker to make sure they take the stage in March. Voting closes Sunday, Aug. 21. | | | | | | | |
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| 3Cloud acquires BlueGranite | | | | | | | | Behrman picks up George Industries | | | | | | | | PNC Riverarch invests in healthcare compliance specialist MTA | | | | | | | | OTPP, FountainVest among bidders for EQT's GPA stake | | | | | | | | Freeman Spogli to back EverVet Partners | | | Freeman Spogli has agreed to invest in EverVet Partners, which acquires and grows veterinary practices; its portfolio includes 21 general practice animal hospitals across 10 US states. Existing investor Tailwind Capital will remain as an equal partner following the transaction. | | | | | |
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| PAG ponders pushing IPO to 2023 | | | Asia-focused PE firm PAG is weighing a delay of its Hong Kong IPO due to stock market volatility and may not go public until next year, Bloomberg reported. The Blackstone-backed investor filed in March for the offering, which could raise up to $2 billion. | | | | | |
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| CoinFund launches $300M vehicle | | | CoinFund, a Web3- and crypto-focused firm, has launched Ventures I with a target of $300 million. The early-stage fund will seek investments in blockchain. | | | | | | | Shima secures $200M for debut fund | | | Shima Capital has launched its first flagship fund and raised $200 million. The firm invests in blockchain startups at the pre-seed and seed stages. | | | | | | | Stage 2 raises $150M for Fund III | | | Stage 2 Capital has secured $150 million for its third flagship fund. The vehicle will focus on early-stage B2B software and marketplace investments, helping founders with their go-to-market strategies. | | | | | |
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"While these $5 billion+ funds often count on the largest pensions, endowments, and foundations for the bulk of their capital, many allocators are already maxing out their ability to write nine- to ten-figure checks. With so many gargantuan vehicles in the market and a slowing exit environment reducing capital flow back to LPs, it could become more difficult for GPs to find LPs willing to commit large amounts of capital with ease, or close mega-funds or raise funds as smoothly or as quickly as they used to."
Source: PitchBook's Q2 2022 US PE Breakdown | | | | | |
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